Barry Diller’s People Seeks Control of MGM Resorts – Merger Arbitrage Mondays

MGM Resorts International (MGM): $47.51

Market Cap: $12.16 B

Offer Value: $41.89 B

Media mogul Barry Diller’s People Inc, previously known as IAC (IAC), announced a non-binding proposal to buy MGM Resorts, valuing ‌the casino operator at an enterprise value of $41.89 billion, marking the gambling industry’s second takeover bid in a week, as companies contend with slowing consumer demand and increased competition.

Hospitality billionaire Tilman Fertitta’s company announced last week that it will buy Caesars Entertainment (CZR) in a deal worth $17.6 billion. We covered that acquisition in last week’s Merger Arbitrage Mondays post – Fertitta Conquers Caesars.

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